In 2024, digital lending is revolutionizing how Kenyans access financial services. One standout in this space is the Meta Loan App.
This app offers quick and easy loans, perfect for urgent financial needs. Let's dive into what makes this app a must-have for Kenyans seeking fast financial solutions.
What is Meta Loan App?
Meta Loan App is a mobile application that provides instant loans to Kenyans. Operated by Meta Capital Limited, this app allows you to borrow money quickly and repay it conveniently through M-Pesa.
You can download it from the Google Play Store and start using it right away.
Key features of Meta Loan App
Loan amounts and tenure: You can borrow between Ksh 500 and Ksh 80,000. The repayment period ranges from 91 days (about three months) to 365 days (one year).
Interest rates: Meta Loan charges a fixed annual interest rate of 48%, which translates to a 4% monthly rate. For example, borrowing Ksh 20,000 over three months will cost you a total of Ksh 22,400 in repayments.
No collateral required: This app doesnβt require any collateral, making it accessible to many users who might not have assets to pledge.
Quick approval and disbursement: Loans are approved and disbursed to your M-Pesa account within minutes.
User-friendly interface: The app is easy to use, with a straightforward registration and application process.
How to apply for a loan
Eligibility criteria:
1) Be a Kenyan resident.
2) Aged between 18 and 60.
3) Have a reliable source of income.
Application steps:
1) Download the App: Get it from the Google Play Store.
2) Register: Provide your personal details, including name, phone number, email, and M-Pesa transaction messages.
3) Credit Assessment: The app uses your details to generate a credit score.
4) Loan Approval and Disbursement: Once approved, the loan amount is sent directly to your M-Pesa account.
Repayment process
You can repay your loan through M-Pesa using the following steps:
1) Open the M-Pesa menu.
2) Select "Lipa na M-Pesa."
3) Choose "Paybill" option.
4) Enter the business number (4023507).
5) Use your M-Pesa phone number as the account number.
6) Enter the amount to repay and your M-Pesa PIN, then send.
Pros and cons of Meta Loan App
Pros:
- Fast Loan Approval: Get your loan within minutes.
- No Collateral Required: Access loans without needing to pledge assets.
- User-Friendly: Simple registration and application process.
Cons:
- High interest rates: The 48% annual interest rate can be expensive, compared to sacco or bank loans.
- Collection Calls: Frequent calls and messages from collection agents using several numbers if payments are overdue.
Customer experiences
Users have mixed reviews about Meta Loan App. Many appreciate the quick disbursement and easy repayment terms. However, some are unhappy with the high interest rates and frequent collection calls. Overall, the app has a good rating on the Google Play Store and is widely used across Kenya.